Emma and Frank own a duplex in St. Petersburg as joint tenants. Emma wants to mortgage her interest to start a business, but Frank refuses to sign the mortgage documents. Under Florida's lien theory of mortgages, what can Emma do?
Correct Answer
B) Emma can mortgage her interest, and it will not affect the joint tenancy
Correct: Under Florida's lien theory, a mortgage by one joint tenant creates only a lien and does not sever the joint tenancy, so Emma can mortgage her interest without affecting the ownership form. Why not A: Joint tenants can individually mortgage their interests in Florida. Why not C: Severance is not required under the lien theory. Why not D: There is no legal mechanism to force a co-owner to join in a mortgage.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A life estate is a freehold estate that grants ownership rights for the duration of someone's life.
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
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In Florida, tenancy in common ownership includes all of the following characteristics EXCEPT:
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Anna and Bob are unmarried partners who purchase a home in Gainesville. They want maximum creditor protection and survivorship rights. Their attorney explains they cannot create tenancy by the entirety. What is the best alternative ownership form available to them in Florida?